Activist Ancora joins investors' calls for a strategic review at Forward Air. Here's what may happen next

Group 1: Ancora's Activism and Investment Strategy - Ancora is a family wealth investment advisory firm with $9.5 billion in assets under management, focusing on activist efforts in niche areas like banks and closed-end funds [1] - The firm has shifted its tactics from primarily targeting micro-cap companies to taking sub-5% stakes in larger companies in recent years [1][3] - Ancora's previous campaign at Forward Air resulted in a 58.63% return on investment, significantly outperforming the Russell 2000 [3] Group 2: Forward Air's Business and Recent Developments - Forward Air is an asset-light transportation company, with 80% of its profits generated from its core Expedited LTL business in 2023 [2] - The company announced an acquisition of Omni Logistics at a high multiple, which led to a decline in its stock price [4] - Ancora opposed the Omni deal, viewing it as a means for management entrenchment and excessive compensation [4] Group 3: Current Situation and Future Outlook - By late 2023, Forward Air's stock price had dropped significantly, with Ancora re-establishing itself as a top shareholder [4] - Ancora is advocating for the sale of Forward Air, citing the need for operational restructuring and a reduction of its over-levered balance sheet [5][6] - The involvement of private equity firm Clearlake Capital, which holds a 13.8% stake, suggests potential strategic alternatives for Forward Air [6][7]